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Where is the Market Headed?
October 21st, 2006 categories: 1st Time Home Buyer, Home Buyer, Mortgage, Real Estate, Real Estate Market, Real Estate Tips, Sacramento
Have you wondered if this is a good time to Buy a home? Do you wonder about the economy? Are interest rates going to go up? There are key factors when determining whether to buy Real Estate in a particular area and to find out where the market is headed. Some factors that might help you in your decision making are:
- 1. The Local Economy
- 2. The Local Real Estate Market
- 3. The Financial Market
While reading statistics and reports, I have concluded that this is a GREAT time for Home Buyers to purchase Real Estate in our area.
In terms of the economic report for the Sacramento area many companies are having record highs. As seen in Bancorp with the highest quarterly figures in eight years. Jobs in the East Bay are on the rise since the dot.com bust and Sacramento is touted as “boomtown.” American River Bank shares are up and UC Davis has a profound and positive effect on our Sacramento region’s economy.
The Sacramento Bee’s article, Oct. 21,2006 continues to indicate that Sacramento has a healthy job market and the unemployment rate continues to go down. The Local Real Estate Stats for Sacramento County as of October 19, 2006 shows:
- 1063 residential homes For Sale
- 1785 homes in Pending Sale
- 7687 homes Sold since 4/06
The average price of a home in Sacramento, CA is $413,545 taking an average of 65 days on the market to sell. Be looking for a later blog where I will list the stats for each City by County. Placer County stats are:
- 3116 homes For Sale
- 463 in Pending Sale
- 2203 homes Sold since 4/06
Placer County has an average sales price of $450,000 with an average of 50 days on the market. El Dorado County Stats are:
- 1754 home listed For Sale
- 242 in Pending Sale
- 1035 homes Sold since 4/06
El Dorado County has an average sales price of $499,900 with 64 days on the average to sell. Yolo County’s stats are:
- 937 homes For Sale
- 192 in Pending Sale
- 892 Sold since 4/06
Yolo County has an average home price of $442,000 with 54 days on the market.
With Interest rates for a 30 year fixed loan at an average rate of 6.3% when in the 80’s interest rates were 8% and the 90’s saw double digit figures. It only makes sense that the Financial Market for loans is a great time, right now.
In conclusion…this is a GREAT time for a Home Buyer…let’s get busy and find the home of your dreams! Care to share your thoughts on where the market is headed?
Gena,
I just happened to be in town for about 10 minutes and thought I better at least stop by and say Hello!
What a great site this is. Excellent.
My Best=The Lovely Wife!
Thank you for stopping by and be sure to come back on Monday for my offical debut.
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